Nowadays, there are several types of loans available for everyone who’s in need. The most popular ones are home loan, personal loan, business loan, loan against property, gold loan etc. the traditional lenders and NBFCs are eager to provide the loan against a precious metal because most of the countrymen posses gold in form of jewelry and ornaments as they see a good amount of capital appreciation over the time. A gold loan provides you instant cash for most of your immediate expenses such as medical emergency, debt consolidation etc. Here is the list of some benefits of taking a “Gold Loan“ to fulfill your requirement.

♦ Quick processing: Once you submit the yellow metal to the lender, it evaluates it according to the market price and credits the loan money to your bank account. The gold is kept as collateral with the lender until the loan gets repaid. The evaluation of gold is conducted on the spot, hence cutting down the processing and disbursal time.

♦ Fulfill your financial goals: The repayment period of the loan can be extended from 6 months to 2 years that means you can close this loan sooner as compared to other loans. Therefore, it can fulfill your short-term financial goals and needs. For long-term goals, you can opt other kind of loan that can suit you the best.

♦ You can borrow as per need: Generally, other kinds of loan like personal loan and business loan are not offered if the amount needed is lower than a lakh but in case of gold loan, you can borrow anywhere between thousands to few lakhs. Thus, this asset can provide both small and huge financial needs.

♦ Loan money for any purpose: Many of the individuals “Apply For Gold Loan“ to fund medical emergencies, business needs, wedding expenses etc. Therefore, there is no obligation on the end purpose of the borrowed money. You can use the loan amount for an essential purchase, home improvements or just about anything as long as the usage is legit and not illegal.

♦ Minimal documentation only: All other loans mandate the lender to check on your income, tax returns and CIBIL score but in case of gold loan, you just have to provide your identity proof, address proof, passport sized photographs along with your gold ornaments.

♦ Lower interest rate: Most of the lenders charge a very low interest rate as they keep you gold jewelry as collateral in hand, as a result, lenders do not have to worry about recovering the loan repayment in case of default. Some of the lenders can offer interest rate as low as 10.5% as compared to other unsecured loans.

A gold loan is one of the most reasonable credit facilities that you can use for immediate financial requirements. Since gold jewelry and ornaments always appreciate in value and also helps lenders to trust the borrower and provide them a loan against gold. You can apply for the loan against gold at our website ShubhBank.com and get your disbursal the same day.